ITFC signs MoU for Saudi SME development programme

ITFC signs MoU for Saudi SME development programme

Riyadh – Mubasher: The International Islamic Trade Finance Corporation (ITFC) has sealed a memorandum of understanding (MoU) with the Saudi Export and Import Bank (Saudi EXIM Bank) and the Small and Medium Enterprises General Authority (Monshaat) to launch the Saudi SME development programme.

The MoU came in line with Saudi Arabia's Vision 2030 to bolster small and medium-sized enterprises (SMEs) in the Kingdom, according to a press release.

The programme will be developed to widen non-oil exports through trade finance facilities and capacity-building initiatives for the businesses taking part in the scheme.

Moreover, the project seeks to grow the financial institutions to fund SMEs in the Kingdom.

CEO of Saud EXIM Bank, Saad Abdulaziz Al Khalb, noted: “By working closely with our partners to develop the SME programme, the bank will increase international finance and credit institutions’ support in diversifying financing products and innovate financial and credit solutions for SMEs.”

Meanwhile, Hani Salem Sonbol, CEO of ITFC, commented: “The programme will offer significant support to SMEs, who represent enormous growth potential. As the Kingdom looks to increase SME contribution to 35% of [gross domestic product] GDP by 2030, supporting SMEs in trade finance and trade development will be essential to meeting this goal.”

Last September, ITFC